Who qualifies: Undergraduate students from families with less than $50,000 in income.How it works: Grants do not have to be repaid by the student, and other kinds of student loans can be used to supplement grants. The maximum amount for grants changes each year, but the amount an individual receives depends on financial need, the cost of the school and status as a full-time or part-time student. For the 2007-2008 award year, the top grant is $4,310, but that is increasing: In 2008-2009, the top grant rises to a maximum of $4,600, and then by $800 over the next five years, to a maximum of $5,400.